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Brief

Small Business Carrier Next Insurance Rents 4,000-Square-Meter Office in Central Israel

Next Insurance, which offers customized and automated coverage to small businesses using artificial intelligence and machine learning algorithms, is set to move its research and development operation to the new facility

Silicon Valley-headquartered small business insurer Next Insurance Inc. has rented a 4,000-square-meter office space at the O-Tech real estate complex in Kfar Saba, a city in central Israel, according to real estate company Oshira Ltd., which is the developer of the complex. The 10-year lease is estimated at approximately $24 million (NIS 90 million), based on average rental fees for the O-Tech complex. Next Insurance is set to move its research and development operation to the new facility. The company offers customized and automated coverage to small businesses using artificial intelligence and machine learning algorithms and has raised $136 million to date, according to Pitchbook data.

Next Insurance was approached by Calcalist for a comment and has yet to reply.